Speedinvest leads $5m investment round for West African fintech company
Julaya, a fintech start-up based in Côte d’Ivoire, Senegal and France, raised a $5 million extension round to expand its operations in West Africa.
The round was led by European venture capital fund Speedinvest which already invested in Moove and FairMoney (Nigeria and India) and has six unicorns in its portfolio. EQ2 Ventures, Kibo Ventures, angel syndicates Unpopular Ventures and Jedar Capital, as well as Ivorian business angel Mohamed Diabi and previous investors Orange Ventures, Saviu, and 50 Partners also invested in the round.
Julaya is a B2B digital account that enables companies to send and collect payments seamlessly through a digital account. With the Julaya platform, African businesses can make bulk payments through all mobile money channels, process their travel or online expenses with a corporate prepaid card tailored to their needs, and easily import all transactions into their accounting system. The platform helps companies to improve operational efficiency by digitising their payments to multiple unbanked workers and suppliers.
Julaya’s “Cash & Collect” solution allows fast and secured cash collection, especially in the FMCG sector. More than 500 SMEs, start-ups, large corporates and government institutions, including African e-commerce giant Jumia, use Julaya as their digital account to pay their partners and collect payments.
Proceeds from this financing round will enable Julaya to expand in the West African market; open Benin, Togo and Burkina Faso offices; hire multicultural talents; and boost product development.
“African companies are eager to improve their profitability, and digitising their finances is one of the most important steps for them to grow their business. Ninety per cent of payments are still made in cash on the continent, and Julaya is proud to be part of the fintech landscape that helps businesses be more successful,” said Mathias Léopoldie, CEO and co-founder.
“Julaya’s technology is fundamentally changing how companies operate in an increasingly complex payment landscape across Francophone Africa. As we look ahead, the potential for Julaya’s technology goes far beyond its payment capabilities, having the opportunity to become a close banking partner for companies in West Africa,” said Enrique Martinez-Haussmann, principal at Speedinvest.